SWIFT Sanctions Screening Now Covers All Financial Transaction Formats

SWIFT Sanctions Screening Now Covers All Financial Transaction Formats

January 22, 2015         Written By Natalie Rutledge

The international financial-messaging network SWIFT recently announced that it is extending its Sanctions Screening service to support all messages used for financial transactions. The new screenings will cover messages for all formats and financial networks.

The SWIFT Sanctions Screening began in 2012 as a way to ensure businesses comply with financial crime laws. Transactions in the network can be screened against 30+ sanctions lists in the world, including lists from the the European Union, the UK’s HM Treasury, the U.S. Office of Foreign Assets Control and the Hong Kong Monetary Authority. Now, almost 300 institutions in 97 countries subscribe to the service, including 15 central banks.

With the expansion, users can screen all transactions from all formats, including SEPA and Fedwire. They can even scan messages sent over other networks. The new system allows for greater flexibility and back-office integration, which will help midsize banks and other users with complex operational requirements.

“Sanctions Screening is a community-based solution that makes transaction screening simple and affordable, even for the smallest institutions,” Nicolas Stuckens, Head of Sanctions Compliance Services for SWIFT, said in a statement. “Extending this service is a natural next step for SWIFT in our vision to support the evolving financial crime compliance needs of the industry.”

The information contained within this article was accurate as of January 22, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at natalie@lowcards.com
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